Mozambique: Inflation slows to 2.97% as consumer prices fall again in July – INE

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Mozambique: Inflation slows to 2.97% as consumer prices fall again in July – INE

7:10 CAT | 13 Aug 2024

FILE - For illustration purposes only. [File photo: Lusa]

Mozambique in July had consumer price inflation of 2.97%, as the index fell 0.05% on the month, according to data from the National Statistics Institute (INE), released on Tuesday.

The INE’s Consumer Price Index (CPI) data indicates that Mozambique “recorded a rise in the general price level of around 2.97%” – that is, slightly below the 3.04% seen in June – with the education sector and food and non-alcoholic beverages showing the biggest rises, up 10.52% and 5.64% respectively on the year.

Previously, inflation had been 3.07% in May, 3.26% in April, 3.03% in March, 4.00% in February, 4.19% in January and 5.30% in December.

The CPI report notes that in July there was price deflation (-0.05%), for the second month in a row (prices had fallen 0.21% in June) influenced by food and non-alcoholic drinks, whose prices contributed 0.11 of a percentage point to the fall (after contributing and 0.28 of a point to the June drop).

In 2023 as a whole, Mozambique had inflation, according to previous INE figures, against an official government forecast of 7%.

The Frelimo government in February estimated that the country had posted economic growth of 5.0% in 2023 compared to 4.4% in 2022, highlighting an “economic expansion” that exceeded the average in the Southern African Development Community (SADC), of which Mozambique is a member.

Source: Lusa